Somaliland: Genel Energy Earmarks $37m for Initial Investment

0
70

Genel Delegation meets Energy minister in Hargeisa on Oct 2nd 2012By: Yusuf M Hasan

HARGEISA (Somalilandsun) – The country is set for its first serious oil exploration since it reclaimed sovereignty 21 years ago.

This development comes after the ministry of Energy, minerals & Water entered into a contract with Genel Energy an Anglo Turkish energy Private limited company.

According to the Energy minister Eng. Hussein Abdi Duale, Genel energy will commence a ten weeks airborne high-resolution survey of the type Aeromag & Gravity within Togdheer region in December.

The airborne surveys in Togdheer region will revolve around oil blocks SL-13 & SL-10E originally contracted to ASANTE that sold 75% of its holdings in the two blocks to Genel energy.

“The airborne survey will be followed by an extensive 2D seismic survey covering approx. 3000 km within the target area,” informed the energy minister

The Genel energy work plan and the budget (approx. USD 38 million) for the airborne and seismic surveys were agreed upon during the 2nd October visit to the country by a high level delegation from the Anglo Turkish company led by its Chief Operating Officer (COO) for Africa, Mr. John Hurst

The work plan and the budget that reflect activities and investments in the order of 6 fold of the original requirements as per the signed agreement between the company and the Ministry of Mining, Energy & Water Resources, contains stipulations for utilizing local personnel to the fullest.

After conclusions of deliberations pertaining to the proposed exploration plans, the energy ministry conducted the Genel energy delegation to a one-hour long aerial tour over its blocks in Togdheer to assess the terrain.

The Genel COO for Africa, Mr. John Hurst who later revealed his company’s satisfaction with arrangements so far said that the terrain around his company’s oil block is conducive for the operations that will commence in December 2012.

Genel has already established its physical presence in the country where Mr. Ibrahim Mohamed Hassan who has a worldwide oil & gas experience in excess of 30 years is holding court.

The Anglo-Turkish corporation has extensive experience in the energy sector especially in Kurdistan where it has producing assets in Kurdistan as well as exploration blocks in Ivory Coast, Morocco, Malta (deals to be concluded shortly) in addition to Somaliland where it has two blocks.

Somaliland has in the recent past seen an upsurge of interest in its known oil reserves as ascertained by the physical presence in Hargeisa ongoing exploration activities by a number of worldwide actors like South African based Ophir energy, Jacka Resources ltd of Australia & Petrosoma Ltd, which is headquartered in the United Kingdom.

For further details on Genel energy visit http://www.genelenergy.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here